Table 2 – Potential growth and outputgaps 2003 updated convergence programme ... The update’s estimate of trend growth is not based on the production function ... the information in the programme’s economic forecast to derive potential outputgrowthrates and outputgaps based on the commonly-agreed approach. These results are also compared

Graph I.10. Growthrate and outputgap (using the Commission method) in the 2001 updatesGrowthOutputGap Source: Commission services calculations. ... area would close in 2001 and turn negative in 2002.9 Thanks to the expected rebound this year and especially in 2003, the gap would close again in that year and become slightly positive by 2005 (see Graph I.10).

to models for other small open economies, the transmission from the outputgap to prices ... The faster rise in demand in the last year reduced the economy’s surplus production ... which served to increase inﬂationary pressures via ﬁrms’ updating of prices (adjusting

conditions (Table 3.3). In particular, most recent outputgap estimates are completely different because they are based on lower and declining growthrates of potential output ... Table 3.3: Outputgap and cyclically-adjusted balance in the previous and current update in % GDP 1. Outputgap (previous update) 2. Outputgap (this update) 3. Difference (2-1) 4. Cyclically-adjusted balance (previous update) 5. Cyclically-adjusted ... of outputgap and of the uncertainty of estimates of cyclical conditions.

The relative growthrates in real GDP, consumer spending and manufacturingproduction between 2002 and 2008 illustrate the importance of domestic production ... that manufacturingproduction grew at just 1.5% per year, far below the growth in US WEEKLY ... Real GDP Production Consumer Spending 1976–79 1983–90 1992–00 2002–08

OUTPUTGAP REVISED UPWARDS IN MPR UPDATE Upward Revisions to OutputGap, January OutputGap, October Jul- Oct- Jan- Apr Jul Oct Jan Apr Jul Oct Source: Bank of Canada ... Forget about interest-rate cuts this year. They are not going to happen. The Bank of Canada’s January Monetary Policy Report Update put the final nail in the coffin for our call that the Bank of Canada will be cutting interest rates this year

TABLE 18: OUTPUTGAP AND POTENTIAL GROWTH Real GDP (bn EUR) Linear Trend HodrickPrescott HarveyJaeger ApelJansson Production Function Kuttner OutputGap Estimates Revisions Revisions to outputgap since last estimates in 2006 Real GDP growth ... The European Commission uses its NAWRU estimates to calculate potential output in member countries by the production function method. This approach is also implemented ... by the HP trends of the participation rate and of the unemployment rate). Table 18

in different countries at different points in time1 Outputgaps and potential growthrates ... of Germany’s growth potential (in %) Germany's outputgap and potential growth: IMF estimates at different points in time1 Germany's outputgap and potential growth: EU